- A meeting of ministers at the World Trade Organization has agreed to a "trade facilitation decision" that is designed to cut the cost of trade by 10-15%, which could add $400B-$1T to the global economy and create 21M jobs.
- Once the deal is adopted - slated for July 2014 - it should "speed up customs procedures; make trade easier, faster and cheaper; provide clarity, efficiency and transparency; reduce bureaucracy and corruption; and use technological advances."
- The pact came at the latest round of the Doha talks, which have been going on since 2001, and is much weaker than the original goals of the discussions. There was much concern that a deal wouldn't be agreed this week, a failure that would have hurt the stature of the WTO. (PR)
WTO finally agrees to new trade pact after years of talks
Dec 8 2013, 05:01 ET